Place/Date: Singapore - November 9th, 2020 at 2:29 pm UTC · 3 min read
Contact: Jacob Plaster, Source: ChainWire
Today, Swingby announces its first mainnet network will be released on the 28th of December. It will bridge native Bitcoins onto Ethereum via Wrapped BTC (WBTC).
The initial bridge will enable the most liquid digital asset in the world (Bitcoin), currently valued at a $300 billion market cap, to be moved onto the Ethereum network to tap its $10b DeFi ecosystem.
Yusaku Senga, Director of Swingby Protocol, said:
“This launch will be pivotal to Swingby. After December 28th, Swingby will have a fully operational Chaos-Mainnet network which will be generating a tremendous amount of value to the world of DeFi and bringing in a large number of new users.”
On December 28th, Swingby will be launching its first Chaos-Mainnet bridge, allowing users to easily move their bitcoins into WBTC on Ethereum without the need for a trusted party. Similarly, the bridge can be used in the opposite direction allowing WBTC-ERC20 tokens to be moved back into native BTCs.
Discover the three core use cases of the Bitcoin to Ethereum bridge:
Leading up to launch on December 28th, the team will be announcing some key partnerships with projects that have helped deliver the Chaos-Mainnet bridge and some additional venues that will be providing liquidity to the SWINGBY token.
To help spread awareness of this event, which will change Swingby forever, the team will be hosting a series of Q&As and giveaways for our superhero community.
Swingby Labs was launched in Singapore in 2018 by a group of crypto enthusiasts joining forces to make the tools to connect Bitcoin with other blockchains.
Swingby’s protocol, Skybridge, builds trustless bridges between BTC, Ethereum, Binance Chain and other blockchains secured by a network of node groups that execute fast token swaps using ‘multi-party computing’ and layer 2 technology.
Skybridge allows users to move Bitcoin tokens between the Bitcoin, Ethereum and Binance Chain blockchains without relying on a central custodian, opening up a whole world of DeFi capabilities such as liquidity pooling and DEX trading with easy to use UX.
Swingby plans to launch its Ethereum MainNet on december 28th, bringing Bitcoin to an ecosystem which already has $10b in capital locked up in DeFi contracts. Building on exciting partnerships with projects such as Elrond, Waves and Kira Protocol, Swingby aims to expand its reach to other chains and projects, adding support where the most value can be added.
The Skybridge testnet bridge has transacted over $14 Billion in testnet BTC capital between the Bitcoin and Binance Chain blockchains, and its decentralized technology has been fully battle tested in live high volume environments.